Sending money immediately

Any amount of money can be deposited into these accounts without their permission

For non-resident Bangladeshis (NRBs), depositing their foreign currency in local banks has been a confusing hassle. With those who travel back often having to resort to third-party currency converting services which charge hefty fines.

To try and alleviate this particular issue, Bangladesh Bank’s recent statement clarifying how non-resident Bangladeshis can now open foreign currency accounts at any scheduled banks in the country should offer some assurance.

According to the central bank, any amount of money can be deposited into these accounts without their permission, which gets rid of yet another layer of needless bureaucracy.

Under the existing foreign exchange transaction policy, Bangladeshis living abroad can operate private foreign currency accounts or non-resident foreign currency deposit accounts in the country’s banks. With the new guidelines in effect, any amount of foreign currencies sent from abroad, or brought back, to Bangladesh can be deposited to these accounts without question.

This is a great step forward.

Given that the Bangladeshi diaspora in other nations is increasing at a steady pace, it makes sense for them to not worry about the free flow of their currency whenever they decide to travel back to Bangladesh. For NRBs, a dedicated foreign currency account has been the reality for a long time, but with too many hassles involved.

But with these new measures, any expatriates bringing in cash in dollars or other foreign currencies during arrival, can deposit it in their bank accounts and exchange it for local currency. The status of these foreign currency accounts operated by expatriates or NRBs can be freely sent abroad with interest. In this case, no approval from the Bangladesh Bank will be required.

It is through economic policies such as these that Bangladeshis can finally make a mark on the international stage.